Will you be able to afford a comfortable retirement?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 9 February 2024

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

The cost of a comfortable retirement has jumped over the past year - but what do you need to get one and will you get there?

As the Pension and Lifetime Savings Association updates its annual look at how much income people need for a basic, moderate or comfortable retirement, Georgie Frost, Lee Boyce and Simon Lambert take a look at what this all means for you.

If a comfortable retirement costs a couple £59,000 a year and a moderate one £43,000, which one do you have a chance of achieving - and are there any important bits being left out of the costs?

The team look at the cost of retiring, why it might not be as expensive as it first looks, how to invest for retirement and what sort of back up the state pension will provide.

Plus, why our real top rate of income tax is 60 per cent - and it's not the highest earners hit by it on their next pay rise - and is there any hope that Jeremy Hunt will be the Chancellor who finally does something about it.

The case for not just cutting stamp duty but getting rid of it altogether.

And an interview with a modern-day business legend. Simon speaks to easyJet and easyGroup founder Sir Stelios Haji-Ionnou about how he started the airline and built it up and his Young Entrepreneur awards.

Transcript

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0:00.0	Welcome to This Is Money podcast sponsored by Charles Stan Lee Diroe. I'm Georgie Frost and
0:07.7	me and Simon Lambert today is Lee Boyce. And coming up, the cost of a decent retirement sores,
0:13.4	so how will you afford it? Simon calls on Mr Hunt to bin the 60% tax trap, a decade and a half
0:20.2	and seven conservative chancellors after it was first introduced.
0:23.7	While he's at it, maybe stamp duties should be dumped as well.
0:26.9	And does your work owe you nine grand?
0:29.7	Don't forget your step to date with all the latest breaking money news just to go to this ismoney.co.com or download the app. Charles Stanley Direct.
0:38.3	Investing made easy.
0:41.3	Cost effective and flexible.
0:45.3	Using our website or app.
0:48.3	With our comprehensive range of investments, trade in shares, funds, investment trusts and ETFs.
0:57.0	There's a range to suit all levels of investor.
1:00.0	Choose your own or consider our ready-made solutions.
1:03.0	Charles Stanley Direct.
1:05.0	Sign up now.
1:06.0	Investment involves risk.
1:07.0	But first, soaring prices mean that couples now need an extra £9,100 a year to maintain a good standard of living in retirement.
1:17.3	A moderate lifestyle, so nothing too fancy, now costs a retired couple £43,100 a year.
1:23.6	That's up from $34,000 this time last year, according to the latest report by the Pensions and Lifetime Savings Association.
1:31.9	Retired households have been more affected over the past year than other age groups because of things that they typically spend on have seen the largest price hikes, including food, heating bills and travel costs.
1:43.4	So, Simon Lee, welcome. Simon, it's a pretty
1:47.4	shocking rise, shocking figures here. Tell me more about this report and how much more
	...

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